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Kensho: What Apple's struggles mean for the market

Apple umbrella
Peter Parks | AFP | Getty Images

There is one thing missing from the stock market rally — Apple.

With the S&P 500 approaching a record high, the most valuable company in the benchmark is down more than 5 percent in one week. Can the bull market continue without its most influential member?

Employing data from Kensho, a quantitative tool used by hedge funds, CNBC Pro ran a study to find out how the market and technology sector performed when Apple fell 10 percent or more in one month during the last decade.

So if Apple extends this decline, what should the whole stock market do?